As
part of our continuing campaign to persuade Bob Marshall of the Virginia House
of Delegates to talk to CESJ president Norman Kurland, we sent the following
letter last Thursday. As you can see, it
reiterates points we’ve made before, but that are worth repeating.
If
you think the effort is worthwhile, or you believe that even an incremental
implementation of Capital Homesteading has the potential to turn the economy
around, perhaps you should add your voice and encourage Bob to talk to Norman Kurland. His e-mail is delegatebobmarshall [at]
Hotmail [dot] com. What have you got to
lose? It doesn’t even take a postage
stamp.
February
21, 2013
Dear
Mr. Marshall:
You
are well known as one of the leading Pro-Life legislators in the Virginia House
of Delegates. This implies respect for
the dignity of every person, not just those who happen to share your views or
belong to the “right” group.
Your
reputation has the advantage of letting people know where you stand. It has the disadvantage of generating
automatic resistance to any initiative you propose that is not clearly for the benefit
of all Virginians.
As I
have stated before, I believe that your current initiative regarding a
“Virginia-Only” currency is both economically and politically unsound. You have the opportunity, however, with a
slight shift in the specific objective, to turn what is being interpreted as a
very large barrel of pork for the rich into a very real and direct benefit for
every child, woman, and man in the Commonwealth.
This
can be done without taking anything from the rich except the virtual monopoly
they currently enjoy over ownership of future new capital. Nor is new legislation needed at either the
state or the federal level.
“Capital
Homesteading for every citizen” can be achieved incrementally. Meaningful gains and a sustainable economic
recovery in which all Virginians can participate can be realized in the short-
to mid-term by:
·
Encouraging
private sector insurance companies in the Commonwealth to offer capital credit
insurance and reinsurance to replace traditional forms of collateral for loans
that expand ownership of new and existing capital,
·
Promoting Subchapter S corporations that are
100% owned by their workers through an ESOP trust. An “S-Corp ESOP” pays no state or federal
corporate income taxes, effectively adding at least 50% to the bottom line, and
·
Lobbying the Federal Reserve Bank of Richmond to
rediscount loan paper (“bills of exchange”) for loans made in ways that expand
capital ownership, thus using it as a “central bank” for Virginia as originally
intended.
In
the long-term, of course, a national “Capital Homestead Act” would extend the
benefits of direct capital ownership to everyone, not just people employed by
private sector corporations. This is
essential. The measures here, while
effective in the short- to mid-term, will only be sustainable for future
generations if everyone benefits.
Again,
I urge you to talk to Norman Kurland, president of CESJ, at your earliest
convenience. He is at present in
Cleveland discussing the possible implementation of a similar proposal in Ohio,
but will be back in the office Monday, February 25.
Yours,
etc.
#30#
